Pinnacle closes $575M Wish-Bone acquisition from Unilever

Parsippany-based Pinnacle Foods announced Tuesday it has completed its acquisition of the Wish-Bone brand from Unilever PLC in a $575 million cash transaction. The deal is subject to a customary post-closing inventory adjustment.

According to the announcement, the acquisition was funded through a combination of cash on hand and new debt. The new debt consists of a $525 million term loan, due 2020. In making the announcement, Pinnacle reaffirmed its outlook for Wish-Bone to be $0.01-$0.02 accretive to EPS in the fourth quarter of fiscal 2013. In addition, Pinnacle also reaffirmed its consolidated EPS outlook for the full year of $1.53-$1.57.